VMware Reports First Quarter 2013 Results - Year-over-Year Revenue Growth of 13% to $1.19 Billion - GAAP Operating Margin of 13.4%; Non-GAAP Operating Margin of 32.5% - GAAP EPS of $0.40; Non-GAAP EPS of $0.74 Supplemental Financial Tables
Non-GAAP Financial Measures
PALO ALTO, Calif., April 23, 2013 VMware, Inc. (NYSE: VMW), the global leader in virtualization and cloud infrastructure, today announced financial results for the first quarter of 2013:
Revenues for the first quarter were $1.19 billion, an increase of 13% from the first quarter of 2012.
Operating income for the first quarter was $160 million, a decrease of 26% from the first quarter of 2012, reflecting a $63 million realignment charge. Non-GAAP operating income for the first quarter was $388 million, an increase of 13% from the first quarter of 2012.
Net income for the first quarter was $174 million, or $0.40 per diluted share, down 9% compared to $191 million, or $0.44 per diluted share, for the first quarter of 2012. Non-GAAP net income for the quarter was $319 million, or $0.74 per diluted share, up 11% compared to $287 million, or $0.66 per diluted share, for the first quarter of 2012.
Operating cash flows for the first quarter were $676 million, an increase of 17% from the first quarter of 2012. Free cash flows for the quarter were $599 million, an increase of 10% from the first quarter of 2012.
Cash, cash equivalents and short-term investments were $4.94 billion and unearned revenue was $3.49 billion as of March 31, 2013.
Annual 2013 revenues are expected to be in the range of $5.12 billion to $5.24 billion, an increase of approximately 11% to 14% from 2012, and annual license revenues are expected to grow approximately 6% to 9%.
Second quarter 2013 total revenues are expected to be in the range of $1.21 billion to $1.24 billion, an increase of approximately 8% to 10% from the second quarter of 2012. Second quarter license revenues are expected to be between $515 million and $535 million.
Were very pleased with our performance this quarter, particularly in light of recent results from many of our industry peers, said Pat Gelsinger, chief executive officer, VMware. VMware is the virtualization software infrastructure leader and the company most capable of providing an end-to-end infrastructure solution designed to bridge our customers legacy client/server applications and desktops to next-generation applications for the mobile/cloud era. We continue to execute against our strategy, and our position in the market is clear as we embark on this multi-year journey with our customers.
Recent Highlights & Strategic Announcements
On February 12, 2013, VMware introduced VMware vSphere with Operations Management , which unites the leading virtualization platform for all applications, including business-critical and low-latency applications, with patented analytic capabilities to provide insight into the performance, health and efficiency of virtualized environments.
On February 20, 2013, VMware introduced VMware Horizon Suite , a comprehensive platform for workforce mobility that will connect end users to their data, applications and desktops on any device without sacrificing IT security and control. With updates to VMware Horizon View and VMware Horizon Mirage , as well as a new product, VMware Horizon Workspace , the VMware Horizon Suite will enable IT organizations to empower users with a secure, easy-to-manage virtual workspace that delivers a consistent, compelling experience across devices.
On February 26, 2013, at VMware Partner Exchange 2013, VMware unveiled a range of programs, incentives and benefits aimed at enabling its partner community to deliver complete virtualization, cloud and mobility solutions that simplify IT infrastructure from the data center to the mobile workspace.
On March 13, 2013, at a Strategic Forum for Institutional Investors, VMware CEO Pat Gelsinger outlined the company's strategy, including plans to extend the software-defined data center with a hybrid cloud service offering, and the creation of a new Hybrid Cloud Services business unit to be led by cloud services veteran Bill Fathers. At the event, VMware also revealed intentions to extend its network footprint, merging the VMware vCloud Networking and Security product line with the Nicira Network Virtualization Platform into a single product family based on a common technology foundation, to be named VMware NSX.
# # #
About VMware
VMware is the leader in virtualization and cloud infrastructure solutions that enable businesses to thrive in the Cloud Era. Customers rely on VMware to help them transform the way they build, deliver and consume Information Technology resources in a manner that is evolutionary and based on their specific needs. With 2012 revenues of $4.61 billion, VMware has more than 500,000 customers and 55,000 partners. The company is headquartered in Silicon Valley with offices throughout the world and can be found online at www.vmware.com.
Additional Information
Our website is located at www.vmware.com, and our investor relations website is located at http://ir.vmware.com. Our goal is to maintain the investor relations website as a portal through which investors can easily find or navigate to pertinent information about us, all of which is made available free of charge. The additional information includes materials that we file with the SEC; announcements of investor conferences and events at which our executives talk about our products, services and competitive strategies; webcasts of our quarterly earnings calls, investor conferences and events (archives of which are also available for a limited time); additional information on our financial metrics, including reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures; press
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VMware Reports First Quarter 2013 Results - Year-over-Year Revenue Growth of 13% to $1.19 Billion - GAAP Operating Margin of 13.4%; Non-GAAP Operating Margin of 32.5% - GAAP EPS of $0.40; Non-GAAP EPS of $0.74 Supplemental Financial Tables 
